The S&P/ASX 200 Index (ASX: XJO) is on course to start the week in a positive fashion. In afternoon trade, the benchmark index is up 0.5% to 7,340.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is down 5.5% to 41.5 cents. This has been driven by the companyâs institutional placement. The rare earths developer has received firm commitments for a $121 million placement to accelerate the Nolans Project development schedule. These funds are being raised at a 15.9% discount of 37 cents per new share.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down over 10% to 21.5 cents. This morning the pharmaceutical company announced that it has signed a transaction agreement and related license agreement for a portfolio of on-market womenâs health products from TherapeuticsMD for US$140 million. The productsâ net revenue in the third quarter of 2022 were US$20.9 million and gross profit was US$17.1 million.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 4.5% to $4.64. This is despite the lithium giant being added to the ASX 50 index at the quarterly rebalance. Investors appear to have concerns about lithium prices following a couple of bearish broker notes and news of a new major lithium mine development.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 5.5% to $1.62. Investors have been selling this payments companyâs shares following the release of a transaction update. According to the release, transaction value growth slowed to 16% during the month of November. This is a sharp slowdown compared to its year to date growth rate of 43%.
The post Why Arafura, Mayne Pharma, Pilbara Minerals, and Tyro shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most heavily traded ASX 200 shares on Monday
- Why is the Pilbara Minerals share price sinking deep into the red today?
- ASX index beaters: 5 shares that have supercharged portfolios in 2022
- Arafura share price sinks 12% as Gina buys up big
- Why is the Pilbara Minerals share price charging higher on Monday?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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